by Jodi | Aug 15, 2019 | Mortgage, Mortgage Blog, Mortgage Broker, Mortgage Rates, Mortgage Tips, News, Uncategorized
Fort McMurray residents recovering from a bad credit event like bankruptcy should do what they can to repair their credit. The question they face is: what is the best way to do so? A good first step is opening two new lines of credit and then being careful in how you...
by Jodi | Jul 15, 2019 | Mortgage, Mortgage Blog, Mortgage Broker, Mortgage Rates, Mortgage Tips, News, Uncategorized
The Bank of Canada rolled out mortgage stress tests several years ago in a bid to ensure people could afford their homes. These stress tests require that potential home buyers could make their home payments if their income fell or interest rates went up. The interest...
by Jodi | Jul 1, 2019 | Mortgage, Mortgage Blog, Mortgage Broker, Mortgage Rates, Mortgage Tips, News, Uncategorized
A client recently called Fort McMurray Whalen Mortgages. She was our last hope. The big banks had told her that she didn’t qualify for her dream home, and if she didn’t have a solution soon, she’d lose the opportunity. The banks had told her to go save up 10% down....
by Jodi | May 15, 2019 | Mortgage, Mortgage Blog, Mortgage Broker, Mortgage Rates, Mortgage Tips, News, Uncategorized
Andrew Scheer, the head of the Conservative Party, promised major changes to Canadian mortgage rules when speaking to the Canadian Home Builders’ Association or CHBA. The Conservative Party leader said that the combination of endless tax hikes and oppressive mortgage...
by Jodi | Mar 23, 2019 | Mortgage, Mortgage Blog, Mortgage Broker, Mortgage Rates, Mortgage Tips, News, Uncategorized
The 2019 budget includes a novel proposal – the shared equity mortgage. The shared equity mortgage or SEM would be backed by the CMHC as part of the First Time Home Buyer Initiative. This isn’t a brand new concept, since it has been tried in the U.S., Australia and...
by Jodi | Mar 15, 2019 | Mortgage, Mortgage Blog, Mortgage Broker, Mortgage Rates, Mortgage Tips, News, Uncategorized
Mortgage Default insurance is mandatory with less than 20% down payment. You are required to pay for mortgage default insurance if you have less than 20% down payment, this protects the banks if you were to foreclose on the property. In Canada we have 3 insurers CMHC...
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